If your lender is licensed to operate in your state he may choose to file a lawsuit against you. On the other hand, if he's not legal in your state, you may only repay the principal loan amount and opt out of paying for your late fees and interests.
You may get sued if the PDL is legal in your state. These days you'll come across a number of them who aren't, especially the on-line lenders. If your friend has one that's not licensed to operate in his state, your friend may choose to repay only the original loan amount. In that case, he … Read more
Credit money standard is truly complicated and needs a lot of research to allow a clear view. I like the OP stating that it's existence is result of necessity.
True! When you're unemployed you'll hardly find a debt relief company willing to work with you. You'll not be able to stick to your new repayment plan if you don't earn. That's why many of us here would advice you to file for bankruptcy.
Yes, they can't put you in jail because not paying off your debt is not a criminal offense. It is a civil offense.
True. You can have credit cards only after you turn 18. But there's one good thing about using these debit cards. It teaches you to stay within your limits, and it comes to use when you actually have a credit card.
There are a number of possibilities in this regard. The creditor might garnish your property or your wages in the future. It is better to have a word with them even when you're going through a financial crisis and not being able to pay back your debt.
If the debt has been generated after your marriage, then the creditor might come after your account if you have an account with the same carrier.
Yes, obtaining a secured credit card is one of the options. But once you have your card make payments on time. This will convince your creditor that you're capable enough to handle more credit responsibly.
Yes, but in order to do so, they'll need to obtain a judgment against you. My previous poster is again true in pointing out the fact that in the event you're relying on SSI benefits, then they can't garnish it.
No, I don't think an agent can come and take things our of your home like that. Inform the authorities immediately. Or is it that your son is playing a game? A collection agency has to obtain a judgment against you, only then they can seize your property. Such a decision has to be taken … Read more
Yes, a lowered interest rate and penalties will surely bring relief. But it really feels good when you don't need to handle those harassing collection calls anymore.
One who maintains the record of accounts and assesses the debt in an undertaking.
True. If you have a negative financial history you'll find it hard to obtain a fresh loan or credit card. Employers will also think twice before appointing you, as you'll pose more risky to them than others.
No, I don't think you could be jailed for not being able to pay your credit card debt. But in the event you receive summons, make sure you be there at the court in the date and time specified. Otherwise, the creditors might achieve a judgment against you.
What Is The Difference Between Provision For Bad Debt And Reserve For Doubtful Debts And Their Accounting Implications? Please Answer This Query Because It Creates Confusion
Provision for bad debt is about creating a provision to adjust a known debt. On the other hand, a reserve for doubtful debt signifies a provision which is created for unknown debts that may arise in the future. Provision is nothing but a charge against your profit. Alternatively, a reserve is an appropriation of profit.
A loan becomes a debt when it remains unpaid beyond the due date, depending on the terms of the loan agreement. On the other hand, a debt may arise out of a number of sources e.g. Loan, credit card etc.
It's true that the creditor extends credit, and the debtor owes it to the creditor.